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Distributions to the stockholders balance sheet

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Unformatted text preview: present distributions to the stockholders. distributions to the stockholders. Balance Sheet Balance Assets are properties or economic Assets are properties or economic rresourcesowned by a business. They are esources owned by a business. They are expected to provide future benefits to the expected to provide future benefits to the business. business. Liabilities are Liabilities are obligations of the obligations of the business. They business. They are claims are claims against the against the assets of the assets of the business. business. Equity is the Equity is the owner’s claim on owners claim on ttheassets of the he assets of the business. It is the business. It is the rresidualinterest in esidual interest in ttheassets after he assets after deducting deducting liabilities. liabilities. Balance Sheet Balance Assets Assets = Liabilities Liabilities + Equity Equity Remember from Chapter 1 that we learned that total assets must equal the sum of total liabilities and total equity. Describes Describes the the sources sources and uses and uses of cash of cash ffor a or a reporting reporting period. period. Financial Statements Financial Statements R e vie w Q ue s tio n Net income will result during a time period when: period a. assets exceed liabilities. b. assets exceed revenues. c. expenses exceed revenues. d. revenues exceed expenses. Financial Statements Financial Statements R e vie w Q ue s tio n Which of the following financial statements is prepared as of a specific date? a. Balance sheet. b. Income statement. c. Owner's equity statement. d. Statement of cash flows....
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